Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

BofA Technical Analyst: Gold Is Set For A Rally, Could Go As High As $3000
TBI ^ | 5-22-2012 | Max Nisen

Posted on 05/22/2012 3:52:56 PM PDT by blam

BofA Technical Analyst: Gold Is Set For A Rally, Could Go As High As $3000

Max Nisen
May 22,2012

The technical analysis team at Bank of America Merrill Lynch thinks a month's long decline in gold is coming to an end.

Here's an excerpt from a note by Mary Ann Bartels and Stephen Suttmeier:

Gold has pulled back to test support at $1550-1500. This support is holding, which sets up gold for a rally. The downtrend line from the August/ September highs provides initial resistance near $1700. Chart resistances are near $1800 and $1900-1925.

Our longer-term view remains that gold is in a secular bull market with upside potential to $2000-2300 to as high as $3000 in coming years.

From Bank of America:


(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: boa; commodities; gold; goldbugs; hardmoneydelusion; investing

1 posted on 05/22/2012 3:53:07 PM PDT by blam
[ Post Reply | Private Reply | View Replies]

To: blam

They must have loaded up and need to sell a boatload.

(LT gold bull here, but there will no shortage of opptys to buy gold at these levels)

To hear BAC talk about gold is like hearing Khalid Sheik Mohammed talk about how good Ballpark Franks are.


2 posted on 05/22/2012 3:56:39 PM PDT by Attention Surplus Disorder (A conservative, a liberal and a moderate walk into a bar. Bartender says "what'll it be, Mitt?")
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

If the supreme court knocks down obamacare and wisconsin keeps their governor— then gold dies..


3 posted on 05/22/2012 3:58:57 PM PDT by ckilmer
[ Post Reply | Private Reply | To 1 | View Replies]

To: ckilmer

amend that.

If the supreme court knocks down obamacare and wisconsin keeps their governor—and obama is voted out— then gold dies..


4 posted on 05/22/2012 4:01:25 PM PDT by ckilmer
[ Post Reply | Private Reply | To 3 | View Replies]

To: ckilmer

amend that.

If the supreme court knocks down obamacare and wisconsin keeps their governor—and obama is voted out— then gold dies..


5 posted on 05/22/2012 4:01:45 PM PDT by ckilmer
[ Post Reply | Private Reply | To 3 | View Replies]

To: ckilmer
If the supreme court knocks down obamacare and wisconsin keeps their governor— then gold dies.

Please explain.

6 posted on 05/22/2012 4:02:24 PM PDT by OldNavyVet
[ Post Reply | Private Reply | To 3 | View Replies]

To: ckilmer
If the supreme court knocks down obamacare and wisconsin keeps their governor— then gold dies..

You're forgetting our deficit has passed our GDP. There's no way out but a reset.

7 posted on 05/22/2012 4:04:39 PM PDT by Partisan Gunslinger
[ Post Reply | Private Reply | To 3 | View Replies]

To: Partisan Gunslinger

debt not deficit


8 posted on 05/22/2012 4:05:23 PM PDT by Partisan Gunslinger
[ Post Reply | Private Reply | To 7 | View Replies]

To: ckilmer

“If the supreme court knocks down obamacare and wisconsin keeps their governor—and obama is voted out— then gold dies..”

#####

All helpful, but unless there is a sea change in the OVERALL federal fiscal insanity, the profligate government spending AKA debasing the dollar, Gold will still, at the very least, continue to be a very attractive safety position.


9 posted on 05/22/2012 4:08:02 PM PDT by EyeGuy (Armed, judgmental, fiscally responsible heterosexual.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: EyeGuy
Its complicated but Gold is tied to REAL inflation compared to buying power of the Dollar.

Not the private Bankers at the Federal Reserve tells us it is.

10 posted on 05/22/2012 4:17:26 PM PDT by scooby321 (h tones)
[ Post Reply | Private Reply | To 9 | View Replies]

To: scooby321

“Its complicated but Gold is tied to REAL inflation compared to buying power of the Dollar.”

#####

If my dollars are debased, by definition-able to buy less, that is very REAL inflation to me.


11 posted on 05/22/2012 4:21:09 PM PDT by EyeGuy (Armed, judgmental, fiscally responsible heterosexual.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: blam

BoA: Pump and dump.


12 posted on 05/22/2012 4:42:00 PM PDT by upchuck (Need is not an acceptable lifestyle choice; dependent is not a career. ~ Dr. Tim Nerenz)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

“Our longer-term view remains that gold is in a secular bull market with upside potential to $2000-2300 to as high as $3000 in coming years.”

How long before we heard this being parroted by all the gold pirates we hear on the radio?


13 posted on 05/22/2012 4:47:37 PM PDT by upchuck (Need is not an acceptable lifestyle choice; dependent is not a career. ~ Dr. Tim Nerenz)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EyeGuy

Except for real estate. My dollars will buy a lot more house now.


14 posted on 05/22/2012 5:08:48 PM PDT by refermech
[ Post Reply | Private Reply | To 11 | View Replies]

To: blam

Bring It On, Baby!!

3000 or Bust!!


15 posted on 05/22/2012 5:09:22 PM PDT by NormsRevenge (Semper Fi)
[ Post Reply | Private Reply | To 1 | View Replies]

To: blam

A BoA analyst has about the same credibility as George Soros.

That is, I would not trust him to guard a trash bag full of used diapers.


16 posted on 05/22/2012 7:46:58 PM PDT by yefragetuwrabrumuy
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson